ITR-7 is filed when persons including companies fall under section 139(4A) or section 139 (4B) or section 139 (4C) or section 139 4(D).
Click here to view the latest ITR-7 form from the Income Tax Department.
No document (including TDS certificate) should be attached with this return form while filing ITR-7. All such documents enclosed with this Return Form will be detached and returned to the person filing the return. Taxpayers are advised to match the taxes deducted/collected/paid by or on behalf of them with their Tax Credit Statement Form 26AS.
If the assessee is liable for Audit u/s 44AB and the accounts have been audited by an accountant, the details of such audit report along with the date of furnishing it to the department has to be filled under the head "Audit Information."
From AY 2013-14, if a taxpayer is required to furnish an audit report under sections 10(23C)(iv), 10(23C)(v), 10(23C)(vi), 10(23C)(vi a), 10A, 12A(1)(b), 44AB, 80-IA, 80-IB, 80-IC, 80-ID, 80JJA, 80LA, 92E or 115JB, he shall file the report electronically on or before the date of filing the return of income.
The ITR-7 form has been divided into 2 parts and 23 schedules.
Part-A - General information
Part-B - Outline of the total income and tax computation with respect to income chargeable to tax.
Instructions for filling out ITR-7
Sequence for filling out parts and schedules
The Income Tax Department advises assesses to follow the sequence mentioned below while filling out the income tax return.
This return form can be filed with the Income Tax Department in the following ways:Offline:
When the return is filed online, the assessee should print out two copies of ITR-V Form. One copy of ITR-V, duly signed by the assessee, has to be sent by ordinary post to Post Bag No. 1, Electronic City Office, Bengaluru–560100 (Karnataka).
The other copy may be retained by the assessee for his record.
Note that when the return filed on paper, the acknowledgement slip attached with the return form should be duly filled.
Fill up the required information in the verification document. Strike out whatever is not applicable. Please ensure that the verification has been signed before furnishing the return. Write the designation of the person signing the return.
Please note that any person making a false statement in the return or the accompanying schedules shall be liable to be prosecuted under section 277 of the Income-tax Act, 1961 and on conviction be punishable under that section with rigorous imprisonment and with fine.
In order to claim exemption, an NGO should make an application to the Commissioner of Income Tax for registration of the NGO. Such application is to be made in Form 10A. The following documents are required to be submitted :
According to Section 2(15) of the Income Tax Act, "charitable purpose" includes:
Political parties receive 100% tax exemption on all income sources according to Section 13 of the Income Tax Act. However, they are required to file their Income Tax returns every Assessment Year along with their audited accounts, Income/ Expenditure details and balance sheet.